Female entrepreneurs continue to face materially harder access to finance than their male counterparts, a gap estimated globally in the hundreds of billions of dollars each year. That gap is exactly why dedicated funds and lending institutions built specifically for women entrepreneurs matter.
Here is a current list of funds and financial assistance programmes supporting women-owned businesses in South Africa.
1. Enablis Acceleration Fund
A partnership between Enablis Financial Corporation SA and Khula Enterprise Finance Limited, this fund improves access to early-stage SME funding, with a particular focus on remote and rural areas, offering equity and debt instruments over loan periods of up to 60 months.
To qualify, you need to be a South African SME accredited by the Enablis Entrepreneurial Network, a black or woman entrepreneur (for startups or business expansion), operating in sectors including ICT, transport, tourism, agriculture or services, and in need of working capital or asset finance.
Apply via the Enablis membership section of their website.
2. Business Partners Women in Business Fund
Aimed at giving South African women a fair, equal opportunity to start, expand or purchase an existing business, this fund offers finance between R500,000 and R50 million per investment over a five-year period. Businesses must be at least 50% female-owned, with women active in day-to-day operations, to qualify.
Funded entrepreneurs also gain access to dedicated industry-specific mentors, a technical assistance grant of up to R25,000, and a further R35,000 interest-free loan for technical assistance if required, alongside networking opportunities and an annual Women’s Month seminar.
3. National Empowerment Fund (NEF)
Established under the National Empowerment Fund Act, 1998, the NEF drives black economic participation through financial and non-financial support. Its Women Empowerment Fund specifically accelerates funding to businesses owned by black women, providing loans from R250,000 to R75 million across sectors for startups, expansion and equity acquisition.
Read more: A Guide to Government Funding for SMEs
4. Isivande Women’s Fund (IWF)
Isivande Women’s Fund invests directly in women’s enterprises, offering loans at lower interest rates alongside non-financial support, aimed specifically at black women constrained by limited access to finance. The fund is now administered through the Small Enterprise Finance Agency (SEFA), confirm the current funding ceiling directly with SEFA, since this has shifted since the fund’s original launch.
5. Alitheia IDF Managers
Alitheia IDF Managers runs the Alitheia Identity Fund, a pan-African SME fund investing in innovative, growth-stage SMEs that are women-led or gender-balanced across Sub-Saharan Africa, formed from a joint venture between Nigerian-based Alitheia Capital and South African-based Identity Development Fund Managers.
6. Masisizane Fund
An initiative of Old Mutual established in 2007, the Masisizane Fund supports SMEs in manufacturing, franchising and agriculture through grants, loans and technical support, with a particular focus on black-owned enterprises where women, youth and people with disabilities are involved, especially those linked to corporate or government Enterprise and Supplier Development strategies.
7. Cartier Women’s Initiative
This annual international entrepreneurship programme empowers women impact entrepreneurs globally, awarding grant funding to laureates and finalists selected from regions including Sub-Saharan Africa. Confirm the current award structure and regional allocations directly on the Cartier Women’s Initiative site, since these are reviewed and adjusted each cycle.
8. African Women’s Development Fund (AWDF)
The African Women’s Development Fund is a grant-making foundation supporting local, national and regional women’s organisations working toward women’s empowerment and rights across Africa, with grants historically ranging from roughly $8,000 to $100,000. Confirm current grant ranges and application cycles directly on their site.
9. Africa Trust Group
A South African-based, early-stage gender-lens investing group, Africa Trust Group manages several funds directly relevant to women entrepreneurs, including a fund investing in women-led businesses across the SADC region with an established track record and proven revenue model, alongside other vehicles offering equity seed funding for women-owned and women-enabling businesses. Confirm current fund names and status directly, since specific vehicles under this umbrella can change.
10. SHEquity
SHEquity funds female-led, innovative and impactful startups across Africa with genuine growth potential, focused on renewable energy, water, digitalisation and fintech, hospitality and services, agriculture, and healthcare.
11. WDB Growth Fund
A Section 12J impact investment fund, the WDB Growth Fund provides growth capital to black-owned businesses, with a focus on youth and women entrepreneurs, taking a minority equity stake in the businesses it funds. Qualifying businesses must have traded for at least 12 months and generate a minimum of R2 million in revenue, in exchange for growth capital, market access, specialist mentorship and post-investment support.
Frequently asked questions
What is the biggest barrier women entrepreneurs face in accessing funding?
A well-documented, persistent gap in access to finance compared to male entrepreneurs, one of the core reasons dedicated women-focused funds and lending institutions exist in the first place.
Do I need to be 100% woman-owned to qualify for these funds?
Not always. Requirements vary: some funds require majority (50%+) female ownership, others focus on gender-balanced leadership or specific combinations of black and women ownership, so check each fund’s specific criteria directly.
Which of these funds suits an early-stage business with no revenue yet?
Enablis Acceleration Fund and Africa Trust Group’s seed-focused vehicles are generally more accessible to earlier-stage businesses than funds like WDB Growth Fund, which requires at least 12 months of trading and R2 million in revenue.
Is Isivande Women’s Fund still available in 2026?
Yes, though it is now administered through the Small Enterprise Finance Agency (SEFA) rather than its original administering body. Confirm the current funding ceiling and application process directly with SEFA.
Do any of these funds offer non-financial support alongside capital?
Most do. Mentorship, technical assistance grants, market access and specialist support are common alongside capital across nearly every fund listed here, since capital alone rarely solves the full range of challenges early-stage businesses face.
Finding the right fund
Match your business’s ownership structure, sector, stage and funding need against the specific criteria of each fund above, and confirm current terms directly with the fund before investing time in an application, since eligibility criteria and funding ranges shift over time.
Originally published in August 2019. Updated September 2026 to confirm Isivande Women’s Fund’s current administration under SEFA and remove funds no longer active. Funding ranges and eligibility change, so confirm current details directly with each fund before applying.
